iandekoker's 5 profit target trades | Page 11 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Multiple trades in one direction with profit target 33 replies

Profit From Profit-Taking —Scalping the Session Close 21 replies

Profit Target, Loss Target 1 reply

Would you take profit with 500pips profit or? 26 replies

Would you take profit with 500pips profit or? 3 replies

Attachments: iandekoker's 5 profit target trades
Exit Attachments

iandekoker's 5 profit target trades

  • #201
  • Nov 2, 2007 8:18am Nov 2, 2007 8:18am
ok the market should calm down withing the next 30 minutes.

Then we would continue as usual. Damn this uptrend is incredible. As far as i can see we are heading towards the 1.4600 level on eur/usd soon

And gbp/usd should test 2.0900 soon and then head on to 2.1000.....

if you want some good trades that offer lots of pips then wait for a nice pullback and then take a long position
Attached Image (click to enlarge)
Click to Enlarge Name: gbp.gif Size: 18 KB
  • #202
  • Nov 2, 2007 8:20am Nov 2, 2007 8:20am
and here is a good oppertunity to buy on eur/usd around 1.4432 to go long again for test of 1.4600. The reason why i say this price is because it is near trend line and daily pivot point and 61% fib level. So there is congergence and that means very strong possiblity of price bounching off this level and going up again

but be careful as 1.4380 is a crucial support level. If it gives way then the price will go down all the way to 1.4100 and lower
Attached Image (click to enlarge)
Click to Enlarge Name: gbp.gif Size: 21 KB
  • #203
  • Nov 2, 2007 8:47am Nov 2, 2007 8:47am
Quoting DXTrade
...

I attach an indicator which sounds an alert and draws an arrow when the two DIs are crossing up or down. That helps me not to miss an opportunity.

Thanks again...
DXTrade, thanks for posting this alert, I was thinking about this very thing earlier today. It would be nice if one could get an alert for when the ADX crosses a certain level.
  • #204
  • Nov 2, 2007 8:51am Nov 2, 2007 8:51am
Quoting blueruby
...Would you like to have the indicator modified so that it only gives the alert if price is on the right side of the 50 MA?
I think that would be great. Would it be possible to have this setting for various MA's i.e. 11, 20, 50 or whatever?

Thanks,
Oromis.
  • #205
  • Nov 2, 2007 9:11am Nov 2, 2007 9:11am
Quoting iandekoker
Oromis

I am assuming u are referring to this trade?

The smas had crossed down. The ADX moved above 35 level. so the 2 critria have been met.

The purple line is my trendline.

The red candlestick upon which i based my trade had 13 pips in it. However i was only looking for 5 pips PLUS i recogned the price would go down thru the trend line
Hi Ian, thanks for your reply.

Yes, that was the trade I was referring to...the SMA's crossed down, but was the ADX not already moving above the 35 line? It did not come up from under it. So are you saying then that when the ADX is already above 35 and either +DMI / -DMI crosses, in this instance at the 10 level, that you consider the trade a go? I also understand and as was said previously, there is discretion involved (not so sure about my discretion all the time ).

Yes, I appreciate and realised that you were only looking for 5 pips (that's the beauty of this) just want to make sure or try to understand your approach.

Thanks for sharing with us.

Oromis.
  • #206
  • Nov 2, 2007 9:45am Nov 2, 2007 9:45am
Quoting kharvell
Yes, but how do you know that you will get more than 5 pips before the fact?(you don't)

Well the same argument holds for any number of pips you aim for. But because i use ADX to show me a strong trend i get the odds in my favor to get 5 pips. In 99% of the cases i did get my 5 pips profit.

With R:R of 1:4, you have to win greater than 80% of the time to be profitable.

Yes you are right. But let's say you have a risk factor of 1 and reward factor of 3. That means you risk 20 pips to make 60 pips. So now you need 1 winning trade to cancel out 3 loosing trades There is still no guarentee that you will make the 60 pips. And this is my problem with traders mentioning risk/reward ratios. You are NEVER guarenteed that one winning trade to cancel out the loosing trades. And to aim for say 60 pips to cancel out the 3 loosing trades put the odds even more against you. The chance is better for me to make 5 pips on a trade then it is for you to make 60 pips.

8 Wins = 40(8 X 5 pips)
2 Losses = 40(2 X 20 pips)

Something about 2 losses wiping out 8 of my wins is unappealing. Again, I am still looking into this and am not discounting your idea in any way. It's just not my kind of trading. A couple of losing days, and you could be starting from weeks ago.

Personally, I'm trying to look into a way of trading with MM along the lines of a 2-3 pip stop and 5 pip T/P, but this is proving to be a difficult task.. In this way, you would only have to win 40% of the time or so though. I'll get back to you if I come up with anything that might help you out.

Keep up the good work,

Kevin

Ok i hope you work something out that works for you. As for me, i am not after pips....i am after money...so i want the shortest way to make lots of money...without getting reckless.
  • #207
  • Nov 2, 2007 9:47am Nov 2, 2007 9:47am
Quoting iandekoker
Ok i hope you work something out that works for you. As for me, i am not after pips....i am after money...so i want the shortest way to make lots of money...without getting reckless.
Sounds like a plan

Cheers mate...
"The only successful substitute for brains is silence."
  • #208
  • Nov 2, 2007 9:54am Nov 2, 2007 9:54am
Quoting Oromis
Hi Ian, thanks for your reply.

Yes, that was the trade I was referring to...the SMA's crossed down, but was the ADX not already moving above the 35 line?

Yes you are right. On the chart is did not show the line moving under the 35 level but when i traded this live it did dip under the 35 level for a minute or two and then shot up. But since it was traded on the 15 minute candlestick it wouldn't show as being under the 35 level. For it to show under the line the candlestick had to close first while the ADX is still under the 35 level. You sometimes get the same with 2 moving averages when the almost want to cross over just to move apart again. On the chart it would show as a touch and not as a cross.


It did not come up from under it. So are you saying then that when the ADX is already above 35 and either +DMI / -DMI crosses, in this instance at the 10 level, that you consider the trade a go?

Yes


I also understand and as was said previously, there is discretion involved (not so sure about my discretion all the time ).

I am also experimenting with the following: If ADX is already above the 35 level then you can plot a 10 level line (just like you did with the 35 level) and once the DMI crosses up above the 10 level line you can enter OR you can use 5,3,3 Stochastics and once the stochs rise above the 20 level and are heading up you can also enter. But like i said i am still experimenting with this

Yes, I appreciate and realised that you were only looking for 5 pips (that's the beauty of this) just want to make sure or try to understand your approach.

I guess you are right. After a while you get a feel for this system and then you know when to enter a trade. And if you enter in the direction of the trend then you put the odds in your favor.

Thanks for sharing with us.

Oromis.
No problem
  • #209
  • Nov 2, 2007 10:13am Nov 2, 2007 10:13am
i couldnt resist this 5 pipper....lol
Attached Image (click to enlarge)
Click to Enlarge Name: gbp.gif Size: 20 KB
  • #210
  • Nov 2, 2007 10:32am Nov 2, 2007 10:32am
Happy to see that we are on the same track

That was the last one for me as well before going to bed.
Attached Image
"The only successful substitute for brains is silence."
  • #211
  • Nov 2, 2007 11:59am Nov 2, 2007 11:59am
Quote
Well the same argument holds for any number of pips you aim for.

Not true. I think we both can agree that price reaching 5 pips from current price is more likely than price reaching 10 pips. It is this principle I will borrow from you.

Quote
Yes you are right. But let's say you have a risk factor of 1 and reward factor of 3. That means you risk 20 pips to make 60 pips. So now you need 1 winning trade to cancel out 3 loosing trades There is still no guarentee that you will make the 60 pips. And this is my problem with traders mentioning risk/reward ratios. You are NEVER guarenteed that one winning trade to cancel out the loosing trades. And to aim for say 60 pips to cancel out the 3 loosing trades put the odds even more against you. The chance is better for me to make 5 pips on a trade then it is for you to make 60 pips.

See above comment. Please don't tell me things like there are no guarantees in forex; I've been around for a while. I've just been trying to help. I wasn't aware that you've been told this information before.. Now, 5 pips IS MORE LIKELY than anything greater than 5 pips.

Quoting iandekoker
Ok i hope you work something out that works for you. As for me, i am not after pips....i am after money...so i want the shortest way to make lots of money...without getting reckless.
Pips=money. Whether you want pips or money it is the same. You are only emphasizing my point that 5 pips is more likely. I like this idea.

Anyway, I'm not trying to thrash your thread here, just trying to help, but I see that it's unwanted, so I'll just keep it within my cranium.

Thanks,

Kevin
  • #212
  • Nov 2, 2007 12:25pm Nov 2, 2007 12:25pm
Quoting kharvell
Pips=money. Whether you want pips or money it is the same.
Just concerning this point: Wrong.

You can make +30 pips per day and still lose money. And vice versa.
This point has been discussed in other threads -> Money Management.

What lot size are you willing to trade for a SL 30 TP 60 trade or worse? The same then for a 5 pip target realized in 2 minutes? Not me!

The only valuable result at the end of the day/month/week is money. I don't care someone telling me he made 600 pips in 4 days. Means nothing. Would you trade a setup on GPBJPY with SL 100 and TP 300 with 10 lots?

Would you trade a setup on EURUSD with SL 15 and TP 5? More likely.

So I better have 5 pips with $100 each then 300 pips with $1 each.
I'm still $200 better with my 5 pips then the guy with his 300.
"The only successful substitute for brains is silence."
  • #213
  • Nov 2, 2007 1:23pm Nov 2, 2007 1:23pm
Quoting kharvell
See above comment. Please don't tell me things like there are no guarantees in forex; I've been around for a while.
I think what Ian was saying was, risk/reward isn't everything, that doesn't make a system a winner. Which I'm sure you also know.
  • #214
  • Nov 2, 2007 1:28pm Nov 2, 2007 1:28pm
Quoting Oromis
I think that would be great. Would it be possible to have this setting for various MA's i.e. 11, 20, 50 or whatever?

Thanks,
Oromis.
Sure, these things can be done easily. Right now I'm having trouble making an inidcator sound the alert, and sound it only once. I thought I knew several ways to do that, but oh well.
  • #215
  • Nov 2, 2007 1:53pm Nov 2, 2007 1:53pm
Quoting kharvell
Not true. I think we both can agree that price reaching 5 pips from current price is more likely than price reaching 10 pips. It is this principle I will borrow from you.



See above comment. Please don't tell me things like there are no guarantees in forex; I've been around for a while. I've just been trying to help. I wasn't aware that you've been told this information before.. Now, 5 pips IS MORE LIKELY than anything greater than 5 pips.



Pips=money. Whether you want pips or money it is the same. You are only emphasizing my point that 5 pips is more likely. I like this idea.

Anyway, I'm not trying to thrash your thread here, just trying to help, but I see that it's unwanted, so I'll just keep it within my cranium.

Thanks,

Kevin
Maybe there was a misunderstanding. I didnt talk you down or said anything that offended u...did i?

There might be a few things that we are not clear on....like there is a difference between pips and money...as you know a trader can make 5 pips playing $100 lots and make $500 or a trader can make 50 pips playing $10 lots and make only $250.

But all is good. As long as you found something that might add to ur trading then this has been a worthwile excercise
  • #216
  • Nov 2, 2007 1:57pm Nov 2, 2007 1:57pm
Quoting blueruby
I think what Ian was saying was, risk/reward isn't everything, that doesn't make a system a winner. Which I'm sure you also know.
Thank you for clearing it up. This is what i was trying to say.
  • #217
  • Nov 2, 2007 2:01pm Nov 2, 2007 2:01pm
and my last 5 pip short trade for today.....lol...what a nice day....makes my toes curl...

i hope everyone had a good profitable week.....
Attached Image (click to enlarge)
Click to Enlarge Name: gbp.gif Size: 17 KB
  • #218
  • Nov 2, 2007 3:29pm Nov 2, 2007 3:29pm
Looking forward to the day when my toes curl after the trading day!

Hey, your candles look exactly like mine, your 4 SMA looks exactly like mine, but our 11 SMA are way off....

Mine crossed 2 bars later than yours on that last trade. Did you change your slow MA settings on us?

edit: A 7 SMA looks like yours.
  • #219
  • Nov 3, 2007 1:33am Nov 3, 2007 1:33am
Quoting DXTrade
Hi Ian,

I don't post all my trades here.... but I'm simply amazed.
The only thing I changed is TP=6 and SL=16 to get my R:R better.
And I try to only sell when the price is below 50 SMA and vice versa, to make it even safer... but not following this rule all the time. There is some "feeling" involved as well.
Otherwise I'm following your setup.

8 nice trades yesterday (+48) and already 3 this morning (+18)
Most trades are over in the 1st two minutes.

I just love it!

I attach an indicator which sounds an alert and draws an arrow when the two DIs are crossing up or down. That helps me not to miss an opportunity.

Thanks again...
Hi DxTrade & Blueruby,

Thanks for your indicators. Do you think you can modify the indicator a lit by adding the condition only if ADX is above 35, and then give out the alert? It will look better for 5mins if we can skip the crossings with ADX below 35. Many thanks.
  • #220
  • Nov 3, 2007 3:36am Nov 3, 2007 3:36am
Quoting blueruby
Looking forward to the day when my toes curl after the trading day!

Hey, your candles look exactly like mine, your 4 SMA looks exactly like mine, but our 11 SMA are way off....

Mine crossed 2 bars later than yours on that last trade. Did you change your slow MA settings on us?

edit: A 7 SMA looks like yours.
yes i did....i am experimenting with a 7 sma to see if i can catch the trend earlier.....will keep you posted how it turns out....
0 traders viewing now